Silver
Dollar Finder

The Mysterious 1964 Peace Dollar

The 1964 Peace Silver Dollar officially doesn't exist, but rumors claim
several may be stored in secret. The United States government claims
all 300,000 coins struck were melted, and, if any survived, owning them is
illegal. Under this uncertain legal status, it isn't difficult to
imagine why the owners of such coins may want to remain quiet!

An uncirculated 1922
Peace Dollar. The 1964 Dollar also used the Peace design and the
same 90% silver alloy.

The
original Peace Dollars were struct starting in 1921 and ending in 1935
with a small mintage. Then, as now, dollar coins were not popular
for use in daily commerce; most were struct to satisfy legal quotas and
sat in bank vaults for decades. By 1964, the government supply of
silver dollars was almost depleted and western states and casinos said the
nation needed a fresh supply.

Approimately 300,000 silver dollars were struct in the spring of
1965. Due to an official "date freeeze" policy in effect at the
time, the coins bore the 1964 date. Ironically, the same forces that
led to the striking of the silver dollars also lead to their
destruction. Rising silver prices caused the value of silver coinage
to exceed its face value. As a result, bags of newly issued coins
were hoarded. A coin shortage soon developed.
Silver dollars that had previously sat in bank vaults for decades were
suddenly in high demand. Just as these factors led to the striking
of more silver dollars, they also led mint officials and members of
Congress to stop the issuance of the coins and melt those already
made. Several may have been sold to mint employees or given as
show pieces to government officials, however, no proof exists that any
dollars survived.

Approximately 5 years later, a prominent coin dealer placed
advertisements seeking the 1964 Peace Dollar. He received on
potential offer. However, before he could review the coins, the US
Secret Service issued a warning stating that any coins in existence were
stolen government property and would be confiscated. A simlar
situation has plagued the 1933 Double Eagle (a $20 gold coin). Those
coins were minted before the Gold Surender Act of 1933 was passed, but
were melted prior to release. A settlement was recently negotiated
whereby one of these coins became legal to own.
Perhaps a similar settlement could be negotiated for any remaining
1964 Peace Dollars. If they do exist, their current owners will
most likely come forward only after legalization, or from a country
outside of US jurisdiction.